6 Essential Actions to Prevent Business Crisis.
Businesses are getting in many hardships because they are overlooking some of these actions, or not aware of their importance for their future existence and sometimes they do not conduct it on a continuous basis.
These extremely essential actions when applied will prevent your business from entering in a setback, distress or business crisis.Even in its worst scenario you will be prepared to overcome any tough situation better than your rivals and you might even get advantage of the situation .
Let’s start with these extremely important actions :
1-Run scenarios from different aspects ( nationally, globally , digitally,…) to assess how remotely or closely their degree of impact on your business .Ofcourse, you need to embrace legal, economical , technological and societal issues into your account .It is also essential to conduct it every once and while. The core idea here is to be prepared to expect the unexpected work for the worst not the worse.Be proactive.
2-Create a Piercing Department; the mission of this department is to look beyond common needs of current or potential customers, signify their experience , create new experience for them, make it urgent, I am not talking here about a research and development department, I am talking about being pierce , innovative , inventive, seeking , exploring and experimenting results impact before leveraging them up to the market.
3-Be aware of masky numbers like GDP , sales growth rate , profit margins …
4-Stop defending your business in the face of adversity but be matchless; for example when your peers think of raising cash by selling some roots, plants, subsidiaries instead you can conduct reciprocal agreements and collaborations with key market players, suppliers …Another example instead of making discounts you can make limited time offering , instead of firing people rearrange your working hours. If you are in the aviation industry instead of cancelling some destinations operate from second cities, second airports or you can minimize your turnaround.
5- Make your incentives handsome, they proved to have magical results.
6-Before entering any segment of any kind or size think and prepare yourself how you will control it.
I urge each business of any kind or size to implement these actions consistently and constantly.
If you as a Business Owner , Director or senior looking to overcome any future setback or if you are already in one of them and want to overcome it and restore your market position please Contact me; I am Dr.Salam Amin. Let’s have a live chat .
Skype : Dr.Salam Amin